{"id":15100,"date":"2021-05-20T14:00:21","date_gmt":"2021-05-20T11:00:21","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=15100"},"modified":"2021-05-24T12:15:11","modified_gmt":"2021-05-24T09:15:11","slug":"international-disclosure-practices-in-reporting","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/international-disclosure-practices-in-reporting\/","title":{"rendered":"Kostyuchenko V., Polovyk Ye. International Disclosure Practices in Reporting under COVID-19"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification<\/strong>: M 41, H 87<\/i>
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V26(2021)-08<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]<\/p>\n

Kostyuchenko Valentyna<\/b>, Doctor of Economics, Professor of the Accounting and Taxation Department, Kyiv National University of Trade and Economics, Kyiv, Ukraine<\/span><\/p>\n

ORCID ID:<\/strong> 0000-0002-3121-842X<\/a>
\ne-mail:<\/strong> valentynak1098@gmail.com<\/a><\/p>\n

Polovyk Yevhenia<\/b>, Kyiv National University of Trade and Economics, Kyiv, Ukraine<\/span><\/p>\n

ORCID ID:<\/strong> 0000-0002-3091-6242<\/a>
\ne-mail:<\/strong> yevhenia308@ukr.net<\/a><\/p>\n

 <\/p>\n

International disclosure practices in reporting under COVID 19<\/b><\/h2>\n

 <\/p>\n

Abstract. Introduction<\/b>. The outbreak of COVID-19 has forced every country to impose strict measures to curb the spread of the virus, most countries have closed their borders, imposed restrictions on business, cut off transport, and these circumstances are extremely important for disclosure in financial statements, and complicate the process its compilation. Thus, these challenges and current conditions contribute to the importance of providing high quality information, as users of financial statements need timely, high quality and complete information, which is compiled through the prism of COVID-19 impact on the company, its financial condition, liquidity and future prospects.<\/span><\/p>\n

Purpose.<\/b> Generalization of international disclosure practices in financial statements under COVID-19 and recommendations for resolving problems arising from the pandemic and affecting the reporting of economic entities.<\/span><\/p>\n

Results.<\/b> Summarizing the recommendations provided in Australia and Belgium professional organizationsac, companies are required to disclose material uncertainties related to COVID-19 in their financial statements, including assessing the impact of the pandemic on the enterprise, identifying countermeasures taken and showing the impact on the Company’s future operations. For goodwill impairment tests and other vulnerable items, the disclosure of material assumptions should be provided in sufficient detail, together with a description of the approach to determining the value assigned to each key assumption. These include assumptions about the duration and intensity of the effects of the cessation of operations and the recovery phase. The entity will also need to explain the significant impact of COVID-19 on the risks associated with the financial instruments and how it manages those risks.<\/span><\/p>\n

Conclusions<\/b>. Having determined that the pandemic has a significant impact on the financial performance of companies around the world, we conclude that the burden of using the best, most accurate, truthful and accessible information in making sound and validated judgments and estimates that take into account the effects of the COVID-19 pandemic.<\/span><\/p>\n

Keywords<\/b>: financial reporting, disclosure, international practice, pandemic, COVID-19.<\/span><\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Nazarova, K. (2020). COVID-crisis as a driver of digitalization of accounting procedures. <\/span>Business Inform<\/span><\/i>, 6, 227-234 [in Ukrainian].<\/span><\/li>\n
  2. Kuzina, R. (2020). Assessment of macroeconomic consequences of natural disasters and subsequent disclosures in the financial statements on the example of a coronavirus pandemic. <\/span>Bulletin of Kyiv National University named after Taras Shevchenko. Series: Economics<\/span><\/i>, 2 (209), 6-13 [in Ukrainian].<\/span><\/li>\n
  3. Fedulova, I. & Dzhulai, M. (2020) Economic consequences of the COVID-19 pandemic for Ukrainian enterprises. <\/span>Bulletin of Kyiv National University of Trade and Economics,<\/span><\/i> 4, 74-91. [in Ukrainian].<\/span><\/li>\n
  4. Neznyva, M. & Minlailo, V. Digitalization of audit in the conditions of the COVID-19. <\/span>Bulletin of Kyiv National University of Trade and Economics<\/span><\/i>, 3, 123-134<\/span>.\u00a0<\/span><\/i><\/li>\n
  5. Coronavirus COVID-19. Ministry of Finance: website. Retrieved from <\/span>https:\/\/minfin.com.ua<\/span> [in Ukrainian].\u00a0<\/span><\/li>\n
  6. Blinov, A. \u201cVirus retsesii: chym obernetsia epidemiia COVID19 i khto postrazhdaie naibilshe\u201c [Recession Virus: what Will Turn on the COVID-19 Epidemic and Who Will Suffer the most?]. https:\/\/www.slovoidilo.ua\/2020\/03\/18\/pogljad\/ekonomika\/virus-recesiyi-chym-obernetsya-epidemiya-covid-19-xtopostrazhdaye-najbilshe [in Ukrainian].\u00a0<\/span><\/li>\n
  7. Dolbneva D. (2020). The Impact of COVID-19 on the World\u2019s Economies. <\/span>The Problems of Economy,<\/span><\/i> 1(43) (2020), 20-26. doi: https:\/\/ doi.org\/ 10.32983\/2222-0712-2020-1-20-26\u00a0<\/span><\/li>\n
  8. The International Organization of Securities Commissions (IOSCO). (2020). IOSCO Statement on Importance of Disclosure about COVID-19. Retrieved from https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD655.pdf\u00a0<\/span><\/li>\n
  9. Association of Charted Certified Accountants. (2020). Covid-19 has shone a light on many social and environmental issues faced around the world. Retrieved from <\/span>https:\/\/www.accaglobal.com\/uk\/en\/professional-insights\/pro-accountants-the-future\/mainstreaming_impact.html?utm_source=adobecampaign&utm_medium=email&utm_campaign=Employers–Media_Link_Magazine_November_2020-August-2020&mid=34476498&rid=7921414&cid=DM79671&market=UA&region=Emerging%20Markets&campaignlabel=Link%20Magazine%20Newsletter<\/span>\u00a0<\/span><\/li>\n
  10. Chartered Accountants. Australia. New Zealand (2020). Financial Reporting and Audit Guide: Financial reporting and audit issues stemming from COVID-19.\u00a0 Retrieved from <\/span>https:\/\/www.charteredaccountantsanz.com\/tools-and-resources\/client-service-essentials\/reporting\/financial-reporting-and-audit-guide-financial-reporting-and-audit-issues-stemming-from-covid19<\/span>\u00a0<\/span><\/li>\n
  11. Australian Accounting Standards Board & Auditing and Assurance Standards Board. (2020). The Impact of COVID-19 on Going Concern and Related Assessments. A JOINT PUBLICATION BY THE AASB AND AUASB. MAY 2020.\u00a0 Retrieved from <\/span>https:\/\/www.aasb.gov.au\/admin\/file\/content102\/c3\/AASB-AUASB_TheImpactOfCOVID19_05-19.pdf<\/span><\/li>\n
  12. Deloitte. (2020). COVID-19 considerations on the preparation of the half-year report 2020 under IFRS. Brussels IFRS Centre of Excellence. 14 May 2020. Retrieved from https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/be\/Documents\/audit\/deloitte_ifrs-coe_covid-19_webcast_20200514.pdf<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: <\/strong>10\u00a0March 2021<\/span><\/strong><\/p>\n

    \"kostyuchenko.pdf\"<\/div>
    kostyuchenko.pdf<\/div><\/div>
    <\/div>
    <\/div>
    Size: <\/span>0.53 Mb<\/span><\/div>
    Download Now!<\/a><\/span>429<\/span> Downloads<\/span><\/span><\/div><\/div>
    <\/div>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n\n
    \n

    How to quote this article?<\/p>\n<\/td>\n<\/tr>\n

    Kostyuchenko V., Polovyk Ye. (2021). International Disclosure Practices in Reporting under COVID-19. Modern Economics<\/em>, 26(2021), 49-54. DOI: https:\/\/doi.org\/10.31521\/modecon.V26(2021)-08.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<< Back to contents<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n

    <\/div>\n

    [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: M 41, H 87 DOI: https:\/\/doi.org\/10.31521\/modecon.V26(2021)-08 [\/vc_column_text][vc_column_text] Kostyuchenko Valentyna, Doctor of Economics, Professor of the Accounting and Taxation Department, Kyiv National University of Trade and Economics, Kyiv, Ukraine ORCID ID: 0000-0002-3121-842X e-mail: valentynak1098@gmail.com Polovyk Yevhenia, Kyiv National University of Trade and Economics, Kyiv, Ukraine ORCID ID: 0000-0002-3091-6242 e-mail: yevhenia308@ukr.net   International disclosure
    Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[149],"tags":[148],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/15100"}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=15100"}],"version-history":[{"count":0,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/15100\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=15100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=15100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=15100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}